Comment Text:
i0-001
COMMENT
CL-00171
From:
Sent:
To:
Subject:
A.J. Home
Saturday, January 16, 2010 11:34 AM
secretary
RE: Regulation of Retail Forex - my comment
Dear Sir/Madam:
While I fit the profile of your "protected" class: ie: elderly (I am 60 years old) and "low net worth" (my
net worth is under 1M), I would like to offer my comments as a retail forex investor and trader for the
past three years:
Trading is and should be a risky undertaking and anyone who CHOOSES to enter the market with
funds they cannot afford to lose (and this phrase is notable in any trade account application
form a trader signs)SHOULD NOT hold the broker or CFTC responsible for their CHOSEN
actions.
If that same trader CHOOSES to keep trading while losing all their investment, the only person they
have to blame is...THEMSELVES! The equity market also has these same disclosures for anyone
entering into a trade agreement that they are doing so at their free will and choice without coercion. It
is my firm belief that trading companies (brokers) should firmly and repeatedly in their advertising
and their documentation to hammer home the idea that trading is not and never will be a get rich
quick scheme. And any and all advertising from scammers who try to lure unsuspecting and
unsophisticated traders into FX should be the ones prosecuted and taken out of business
permanently. Better yet, force these scammers with the latest get rich quick EA or trading idea who
want to market and SELL these things to be licensed and under regulatory control with stiff fines and
permanent censure if their frauds are revealed. You already have licensing and regulations towards
this goal now, expanding it to cover anyone who MARKETS (ie: expects to profit by selling a system,
EA, or trading idea) to require them to document their results as well as posted refund policies for
disgruntled traders, along with an indemnification bond of a certain amount should they go bankrupt.
Yes, as a private investor I have taken my lumps but STOP trying to punish me by lowering my
leverage--and STOP protecting these scam artists and lazy brokers (who are also guilty of promoting
easy riches with FX).
I willingly CHOOSE to trade FX. And I am willing to take my losses without complaining to you about
my ignorance. But STOP TAKING MY PROFIT POTENTIAL by protecting these brokers and
aforesaid scam artists. Keep the leverage choices intact. I and my fellow traders will take our trading
accounts overseas if necessary if you insist on this ridiculous proposed course of action.
Thank you for your time and consideration of my comments.
Very Truly Yours,
Adrienne (A J) Horne
5218 Lime Road, Sebring, FL 33875
A.J. Horne
Horne Communications
"Put your web BUSINESS to work for you"
Email direct: [email protected]
